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Northwest Natural Gas Company

NWN Utilities Utilities Regulated Gas

Northwest Natural Gas Company’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 11.8% from fiscal 2024. In the quarter to June 2026, revenue grew 3.12%, EPS grew 123.8%, free cash flow grew 36.8% and total debt rose 9.98%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years; insiders bought in the last twelve months.

47.73 0.07 −0.15%
Market cap
$2.0B
P/E
15.9×
Fwd P/E
16.5×
Dividend yield
4.13%
F-score
5/9
Altman Z
0.66
Beneish M
−2.68
Dividend safety
39/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.08
Total sells 0.75
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 2 — — — — —
Sell 1 1 — — 6 — — 1 1 1 1 —
Insider Ownership 0.92%

Capital & Financial Ratios $m

Market Cap 2,010.00
Revenue 1,292.84
Net Income 125.99
Free Cash Flow (265.98)
Net Debt 2,599.43
Current Ratio 0.77 (below 1: weak)
Debt/Equity 1.68
P/E ratio 15.89
Fwd P/E 16.50
P/S ratio 1.55
P/B ratio 1.29
Past 5Y EPS Growth 1.99%
This Y EPS Growth 5.39%
Next Y EPS Growth 4.34%
Next Y revenue growth 7.34%
Next 5Y EPS Growth 5.14%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.6×, against a ten-year median of 3.4×; over the ten years it ranged from 2.3× in 2023 to 4.3× in 2019.
P/E against its own 10 years 13.14%
10-year low 10-year high
P/S against its own 10 years 27.18%
10-year low 10-year high
P/B against its own 10 years 23.19%
10-year low 10-year high
EV/Sales against its own 10 years 67.87%
10-year low 10-year high

Dividends

Payout Ratio 0.66
Annual Dividend Rate 1.97
Annual Dividend Yield 4.13%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.97
0.49
0.49
0.49
2025 1.96
0.49
0.49
0.49
0.49
2024 1.95
0.49
0.49
0.49
0.49
2023 1.94
0.49
0.49
0.49
0.49
2022 1.93
0.48
0.48
0.48
0.49
2021 1.92
0.48
0.48
0.48
0.48
2020 1.91
0.48
0.48
0.48
0.48
2019 1.90
0.48
0.48
0.48
0.48
2018 1.89
0.47
0.47
0.47
0.48
2017 1.88
0.47
0.47
0.47
0.47
2016 1.87
0.47
0.47
0.47
0.47
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 33 38 37 24
Receivables 118 121 118 79
Inventory 113 107 128 143
Other 273 231 245 199
601 558 603 499
2023 2024 2025 Q'26
Payables 145 133 176 136
ST’ Debt 241 201 333 247
Other 277 279 281 221
697 649 836 647

Compound Annual Growth %

10y 5y 3y
Sales 5.94% 10.75% 7.52%
Cash Flow 3.84% 13.12% 22.15%
Earnings 7.75% 8.10% 9.50%
Book Value 6.57% 10.66% 7.86%

Revenue $m

Mar Jun Sep Dec Year
’26 490 244 — — —
’25 494 236 165 394 1,289
’24 433 212 137 371 1,153
’23 462 238 141 356 1,197
’22 350 195 117 375 1,037
’21 316 149 101 294 860
’20 285 135 93 260 774
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 116 110 — — —
’25 180 102 (16) 3 269
’24 125 121 (26) (19) 200
’23 177 121 4 (22) 280
’22 141 56 (31) (18) 148
’21 137 57 (13) (21) 160
’20 105 57 (11) (5) 145
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2 (12) — — —
’25 77 (18) (126) (131) (198)
’24 43 4 (122) (120) (194)
’23 106 47 (94) (106) (47)
’22 73 (44) (115) (105) (191)
’21 73 (7) (94) (106) (134)
’20 3 37 (83) (85) (127)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 2.33 0.01 — — —
’25 2.18 (0.06) (0.73) 1.39 2.77
’24 1.69 (0.07) (0.71) 1.12 2.03
’23 2.01 0.03 (0.65) 1.21 2.59
’22 1.80 0.05 (0.56) 1.36 2.54
’21 1.94 (0.02) (0.67) 1.31 2.56
’20 1.56 (0.16) (0.59) 1.70 2.51
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 48.90 56.53 51.50 57.20 42.33 41.71 42.37 35.72 34.82 38.03

Analyst estimates 2026–2028

Powerpack
High 66.17 69.50 71.81 74.13 77.26 56.75 57.63 52.39 44.25 49.63
People
People Employees 611 1,146 1,198 1,220 1,216 1,237 1,258 1,380 1,452 1,619
Revenue/emp, $m 1.09 0.66 0.59 0.61 0.64 0.70 0.82 0.87 0.79 0.80
Income, $m
Income, $m Revenue 668 755 706 746 774 860 1,037 1,197 1,153 1,289
Gross margin, % 61.00 56.98 63.81 65.85 66.04 66.03 58.58 58.26 64.23 69.32
EBT 105 113 92 78 91 106 115 126 110 155
EBT margin, % 15.78 14.98 12.96 10.44 11.81 12.33 11.13 10.54 9.54 12.00
Net income 59 (56) 65 62 77 79 86 94 79 113
Depreciation 93 97 102 111 121 127 133 143 158 190
Per share, $
Per share, $ Revenue 24.17 26.34 24.52 25.06 25.33 28.02 30.57 33.07 29.71 31.55
Earnings 2.12 (1.94) 2.24 2.07 2.51 2.56 2.54 2.59 2.03 2.77
Cash flow 8.04 7.21 5.86 6.25 4.76 5.22 4.35 7.73 5.16 6.59
Capex (5.00) (7.44) (7.59) (8.11) (8.93) (9.57) (9.98) (9.04) (10.16) (11.43)
Free cash flow 3.03 (0.23) (1.73) (1.87) (4.17) (4.35) (5.63) (1.31) (5.00) (4.84)
Book value 30.76 25.91 26.48 29.07 29.10 30.46 34.64 35.45 35.70 36.10
Shares, m 28 29 29 30 31 31 34 36 39 41
Valuation, ×
Valuation, × P/E 28.15 0.00 26.99 35.11 18.32 19.05 18.22 15.26 19.49 16.81
P/S 2.46 2.23 2.47 2.94 1.82 1.74 1.58 1.20 1.33 1.48
P/B 1.93 2.27 2.28 2.54 1.58 1.60 1.39 1.12 1.11 1.29
EV/Sales 3.61 3.33 3.80 4.31 3.41 3.39 3.09 2.56 2.93 3.47
EV/FCF 28.78 (380.06) (53.87) (57.84) (20.67) (21.82) (16.78) (64.77) (17.40) (22.64)
Cash, $m
Cash, $m Operating cash flow 222 207 169 186 145 160 148 280 200 269
Capex (138) (213) (219) (242) (273) (294) (339) (327) (394) (467)
Free cash flow 84 (7) (50) (56) (127) (134) (191) (47) (194) (198)
Balance, $m
Balance, $m Working capital 14 (112) (213) (188) (304) (287) (155) (95) (91) (234)
Total debt 773 834 954 1,030 1,260 1,434 1,595 1,666 1,880 2,605
Net debt 769 831 941 1,021 1,230 1,416 1,566 1,633 1,842 2,568
Shareholders’ equity 850 743 763 866 889 935 1,175 1,284 1,385 1,475
Returns, %
Returns, % ROA 1.92 (1.82) 2.06 1.85 2.14 2.01 1.96 1.95 1.56 1.99
ROIC 5.82 5.99 4.85 4.75 4.38 4.34 3.82 3.96 3.70 4.34
ROE 7.22 (6.98) 8.58 7.58 8.75 8.63 8.18 7.63 5.91 7.92
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Northwest Natural Gas Company vs peers in Utilities Regulated Gas (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BKH Black Hills Corporation $5.8B 19.2× 16.7× +3.14% (above 0%: growing) +31.58% (above 0%: growing) +24.09% (above 0%: growing) 74.93% 21.42% Compare
NJR NewJersey Resources Corporation $5.2B 14.1× 15.9× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $4.6B 8.7× 20.4× +19.21% (above 0%: growing) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $4.6B 15.6× 16.5× −2.86% (below 0%: shrinking) +39.62% (above 0%: growing) +511.45% (above 0%: growing) 78.07% 20.08% Compare
MDU MDU Resources Group, Inc. $4.0B 19.7× 21.8× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
CPK Chesapeake Utilities Corporation $3.1B 20.3× 19.2× +4.72% (above 0%: growing) +2.91% (above 0%: growing) +38.63% (above 0%: growing) 74.39% 26.20% Compare
CTRI Centuri Holdings, Inc. $2.1B 67.4× 67.3× +32.86% (above 0%: growing) −33.33% (below 0%: shrinking) +85.38% (above 0%: growing) 7.19% 2.51% Compare
NWN Northwest Natural Gas Company $2.0B 15.9× 16.5× +3.12% (above 0%: growing) n/m +36.83% (above 0%: growing) 74.64% 13.61%
SPH Suburban Propane Partners, L.P. $1.1B 8.7× 9.8× +0.47% (above 0%: growing) n/m −38.67% (below 0%: shrinking) 61.34% 0.85% Compare
Median of peers $4.3B 17.4× 18.0× +5.80% +35.60% +12.16% 69.58% 10.96%

All 15 Utilities Regulated Gas stocks →

Northwest Natural Gas Company (NWN) key facts

  • Strength: Northwest Natural Gas Company’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 11.8% from fiscal 2024.
  • Northwest Natural Gas Company (NWN) is an Utilities Regulated Gas company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 9, 2026, NWN traded at $47.73, a market capitalization of $2.0 billion.
  • Northwest Natural Gas Company pays an annual dividend of $1.97 per share, a yield of 4.13%, with a payout ratio of 65.6%.
  • Return on equity was 7.92% and debt-to-equity 1.68.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 0.66 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Northwest Natural Gas Company (NWN) Latest News

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stockrow.com/NWN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com